Beware! SuplexDeals is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We’ll start the SuplexDeals review by discussing its name. Many fishy brokers choose ridiculous titles, but this one can beat all the rest as it hints that customers will be thrown off the trading ring with some unexpected fraudulent suplex. The wrestling terminology aside, SuplexDeals is a scam, and we are going to prove it in the following review.
SuplexDeals REGULATION AND SAFETY OF FUNDS
Looking at the screenshot above, you’ll see the broker claiming to be CySEC licensed, but 267/77 is a fake authorisation number. We didn’t bother to check the other numbers, and the address presented, as the fictitious CySEC license is more than enough for us to know that there is something profoundly wrong with this entity. In addition, the Austrian financial authority FMA turned out to be on the same page as it issued a warning against the broker, exposing it as fraudulent. Simply put, SuplexDeals is a confirmed scam, so you’ll lose your money to fraud if you deposit. Now, let us show you why we would still advise against trading with the brokerage, even if it weren’t exposed.
The most crucial thing to note is that SuplexDeals is unregulated. We need to emphasise this fact because regulators like CySEC, FCA, ASIC and NFA, to name a few, are imposing numerous rules to guarantee that brokers are transparent and keep clients’ money safe. Neither SuplexDeals is transparent nor follows any rules whatsoever, meaning that once you deposit, you don’t know who’s handling your money and what actually happens with it. The absence of regulation allows SuplexDeals to be unaccountable, so the people running it can steal your money, getting away with the crime. And they’ll do it if you give them a chance.
That’s why you’d better find brokers authorised by financial authorities like CySEC (Cyprus) and FCA (Britain) if you are genuinely interested in trading. Both regulators require account segregation, ensuring that clients won’t lose their funds if a broker gets insolvent as deposits are not commingled with its own money. The segregated accounts improve transparency, speed withdrawals up, make chargebacks easier and generally help prevent fraud. On top of all that, European companies are covered by deposit insurance funds laid down to reimburse clients in case of unforeseen events- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.
Now, see the warning issued by the Austrian regulator FMA:
SuplexDeals TRADING SOFTWARE
SuplexDeals doesn’t speak much about its trading software, which may indeed be considered a red flag as it knowingly hides information. In any case, it’s a scam, so we didn’t place any expectations whatsoever. And just as expected, upon registration, we encountered a suspicious Webtrader that may as well be prone to fraud and price manipulation. We claim so because we’ve seen it before, and it shows only one price at a time, so SuplexDeals can easily play with the quotes to defraud customers.
Nevertheless, the Webtrader is miles behind MetaTrader 4 and MetaTrader 5, which are the industry leaders providing the most powerful tools for free- Expert Advisors, many complex indicators, easy-to-use charting tools and so on. So, we wouldn’t recommend SuplexDeals solely because of the poor trading software provided.
Usually, the spreads displayed by the platform reveal the costs for trading, but we accessed the Webtrader when the markets were closed. We can’t discuss spreads, but it’s also unnecessary in this case.
The platform also reveals the risks through the leverage offered, but this Webtrader doesn’t show the actual levels. Still, the broker claims to offer up to 1:500– an overly risky ratio prohibited by CySEC a few years ago, so the alleged leverage itself proves that SuplexDeals is a scam. Avoid.
SuplexDeals DEPOSIT/WITHDRAW METHODS AND FEES
As seen from the picture below, the minimum deposit is $500 via Bitcoin only, meaning that people won’t be able to chargeback when things go wrong. This is a red flag in this case because SuplexDeals knowingly limits people and makes sure that it won’t have to deal with refunds in the future. When it comes to depositing with Forex brokers, the safest method is Credit/Debit cards, as it allows chargebacks for up to 540 days.
As for withdrawals, there is nothing to discuss as the broker doesn’t have legal documents. Well, discussing purported withdrawal conditions is generally worthless in this case. SuplexDeals is a scam; it doesn’t send money back to customers.
HOW DOES THE SCAM WORK
SuplexDeals is an exposed fraud, so we’ll recount how scammers usually work while carrying out their criminal activities.
When fraudsters get hold of your contact numbers, you’ll be approached immediately, promised the moon and the stars. Also, to gain trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t see the warning signs, you may end up depositing. However, the fraudulent process actually begins after you send the scammers money. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.
Then, the fraudsters will gradually ask you to increase the size of the investment and invent stories to make you deposits again and again. Sooner or later, though, you’ll get determined to withdraw some money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is happening, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!